The economies of North and South America earned an average economic freedom score of 61.6, slightly ahead of the world average (60.3), according to the 2008 "Index of Economic Freedom," published annually by The Wall Street Journal and The Heritage Foundation.

The Index reflects data compiled in 10 key categories of economic freedom. Again this year, the United States led the region in economic freedom and finished fifth in the world. It's joined on the Index's global top 10 list by Canada (7th) and Chile (8th).

But there was more bad news than good. "Across the region, the reality is that economies are stagnating," warn Index editors Kim Holmes, Edwin Feulner and Mary Anastasia O'Grady.

Only 12 economies in the Americas boosted their level of economic freedom in this edition of the Index, while 17 lost ground. "The lack--and in some cases, erosion--of economic freedom in the Americas reflects reversals of free-market policies and a failure by some governments to persevere in pursuing economic freedom," the editors write.

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